Adidas Originals and Prada are bringing a first-of-its-kind non fungible token (NFT) collaboration that will feature user-generated art. The project aims to bring together participants across fashion, design, and crypto industry to co-create a large-scale digital artwork. An NFT is a unique digital asset that represents ownership of real-world items like art, video clips, music, and more. NFTs work on the same blockchain technology that powers cryptocurrencies, but they’re not a currency.
Adidas and Prada will invite their collective audiences to contribute unique anonymized photographs to the open-Metaverse NFT project. In a press release , Adidas said that atleast 3,000 community-sourced artworks will be minted as NFTs and compiled as tiles in a single mass-patchwork NFT designed by renowned creative coder and digital artist, Zach Lieberman.
Participation will be completely free, and contributors will maintain full ownership rights over their individual NFT tiles. Adidas and Prada will bring Lieberman’s final NFT to auction on SuperRare, a marketplace for curated NFT artworks.
The company announced that a majority of the proceeds from the auction go to Slow Factory, a non-profit organization and institute working to create education to drive meaningful solutions and inclusive communities.
Starting January 24, anyone who owns a crypto wallet can register to create and mint a pseudonymous NFT to be featured in the Adidas for Prada re-source project. Users will be invited to submit a photograph, using a filter designed by digital artist Zach Lieberman, to create their own individual creative contribution.
“Following this wait list period, 3,000 contributors will be randomly selected to participate in the drop, with 1,000 of the spots reserved for holders of the Adidas Originals Into the Metaverse NFT, and a further 500 reserved for users who attempted to mint Into the Metaverse in the public sale but failed,” the company added.
From January 26 to 27, those selected will be able to return to the website and mint their photograph contribution as an NFT, free of cost. In another news, Adidas Originals earned $23.5 million by selling 30,000 of Adidas’ “Into the Metaverse” non fungible tokens (NFTs) within a matter of hours of going on sale in December.
Meanwhile, Adidas rival Nike, has filed seven trademark applications as it prepares to enter the metaverse, according to Bloomberg. As part of the application, the company indicated its intent to make and sell virtual branded sneakers and apparel.